Claim 782312a7Checked 09 Jul 2026
Partly True/FalseOn the truth scale
“Gordon Brown gave control of the banking industry to a bunch of tick-box bureaucrats at the FSA.”
Reasoning & Evidence09 Jul 2026
Brown’s government did transfer banking supervision away from the Bank of England and toward the new FSA framework: in May 1997 he announced that responsibility for banking supervision would move from the Bank to a strengthened Securities and Investments Board, and the Bank of England Act 1998 later transferred the supervision and surveillance of banks to the Financial Services Authority. (hansard.parliament.uk) However, saying Brown “gave control of the banking industry” to the FSA overstates what happened. The Bank of England was not stripped of all responsibility; it retained responsibility for the overall stability of the financial system, while the FSA became the statutory regulator/supervisor. So the claim is directionally right about a transfer of regulatory power, but misleading if read as a total handover of control. (hansard.parliament.uk) Sources: UK Parliament Hansard, “Bank of England and Financial Regulation”; Bank of England, “The Bank of England Act”; UK Parliament, “Bank of England Bill”; House of Commons Treasury Committee, Third Report.
From article
But they were allowed to. Who let them do it? Moronic politicians, who changed rules we’d had for seven decades. Take America – [Alan] Greenspan got rid of the Glass-Steagall Act.5The Banking Act of 1933, which separated investment banking from commercial banks. Its effectual repeal in 1999 allowed Wall Street to gamble with money deposited in commercial banks. Look what that moron [Gordon] Brown did! He took away control of the banking industry from the Bank of England and gave it to a bunch of tick-box bureaucrats at the [Financial Services Authority]. Catastrophic, catastrophic errors of judgement!
Sources opened+ 21 search hits considered
| [1] | hansard.parliament.uk |